PNM Resources Reports Third Quarter 2023 Results
Q3 Weather Adjusts Expectations for 2023 Ongoing Earnings
- 2023 third quarter GAAP earnings of $0.44 per diluted share
- 2023 third quarter ongoing earnings of $1.54 per diluted share
- 2023 ongoing earnings guidance range adjusted to $2.75 - $2.80
ALBUQUERQUE, N.M., Oct. 27, 2023 /PRNewswire/ --
PNM Resources (In millions, except EPS) |
||||
Q3 2023 |
Q3 2022 |
YTD 2023 |
YTD 2022 |
|
GAAP net earnings attributable to PNM Resources |
$37.7 |
$122.4 |
$138.0 |
$153.8 |
GAAP diluted EPS |
$0.44 |
$1.42 |
$1.60 |
$1.78 |
Ongoing net earnings |
$132.9 |
$126.1 |
$228.0 |
$218.9 |
Ongoing diluted EPS |
$1.54 |
$1.46 |
$2.65 |
$2.54 |
PNM Resources (NYSE: PNM) today released its 2023 third quarter results. GAAP earnings include a one-time charge for rate credits associated with the San Juan Generating Station abandonment settlement.
In addition, as a result of the significant weather impacts to third quarter earnings, management adjusted its 2023 consolidated ongoing earnings guidance to a range of $2.75 to $2.80 per diluted share.
"Customer demands at PNM and TNMP increased substantially in the third quarter," said Pat Vincent-Collawn, PNM Resources Chairman and CEO. "As we look forward and navigate a challenging market environment, we remain focused on prioritizing critical infrastructure investments to meet the changing needs of our customers, communities and environment."
UPDATE ON MERGER
On June 20, 2023, PNM Resources and Avangrid announced an amendment and extension of their merger agreement through December 31, 2023, with an option for three months further extension upon mutual agreement by the companies. The companies' appeal of the New Mexico Public Regulation Commission's (NMPRC) December 2021 merger stipulation denial remains pending with the New Mexico Supreme Court (Court) following oral arguments held on September 15, 2023. There is no statutory deadline for the Court to respond to the appeal.
SEGMENT REPORTING OF 2023 THIRD QUARTER EARNINGS
- PNM – a vertically integrated electric utility in New Mexico with distribution, transmission and generation assets.
- TNMP – an electric transmission and distribution utility in Texas.
- Corporate and Other – reflects the PNM Resources holding company and other subsidiaries.
EPS Results by Segment |
|||||
GAAP Diluted EPS |
Ongoing Diluted EPS |
||||
Q3 2023 |
Q3 2022 |
Q3 2023 |
Q3 2022 |
||
PNM |
$0.09 |
$1.13 |
$1.19 |
$1.17 |
|
TNMP |
$0.46 |
$0.36 |
$0.46 |
$0.36 |
|
Corporate and Other |
($0.11) |
($0.07) |
($0.11) |
($0.07) |
|
Consolidated PNM Resources |
$0.44 |
$1.42 |
$1.54 |
$1.46 |
|
Net changes to GAAP and ongoing earnings in the third quarter of 2023 compared to the third quarter of 2022 include:
- PNM: Increased customer usage due to hotter temperatures, lower costs associated with generation portfolio changes and improved market performance of decommissioning and reclamation trusts were partially offset by depreciation and interest expense associated with new capital investments and higher planned O&M expenses.
- TNMP: Increased rate recovery through the Transmission Cost of Service (TCOS) and Distribution Cost Recovery Factor (DCRF) mechanisms and higher customer usage due in part to hotter temperatures was partially offset by depreciation, property tax and interest expense associated with new capital investments and higher planned O&M expenses.
- Corporate and Other: Higher interest rates on variable rate debt, net of hedges, increased losses.
In addition, GAAP earnings decreased in the third quarter of 2023 primarily due to a settlement involving $115 million of rate credits associated with the retirement of the San Juan Generating Station, along with $5.6 million in net unrealized losses on investment securities for decommissioning and reclamation trusts compared to $11.2 million in net unrealized losses in the third quarter of 2022.
Additional materials with information on quarterly results are available at
http://www.pnmresources.com/investors/results.cfm.
THIRD QUARTER CONFERENCE CALL: 11 A.M. EASTERN FRIDAY, OCTOBER 27
PNM Resources will discuss these items during a live conference call and webcast on Friday, October 27th at 11 a.m. Eastern. Speaking on the call will be Pat Vincent-Collawn, PNM Resources Chairman and Chief Executive Officer, Don Tarry, PNM Resources President and Chief Operating Officer, and Lisa Eden, PNM Resources Senior Vice President, Chief Financial Officer and Treasurer.
The conference call will be simultaneously broadcast and archived on our website at http://www.pnmresources.com/investors/events-and-presentations. Listeners are encouraged to visit the website at least 30 minutes before the event to register, download and install any necessary audio software.
Investors and analysts can participate in the live conference call by pre-registering using the following link to receive a special dial-in number and PIN: https://dpregister.com/sreg/10183155/fa9b6aee79. Telephone participants who are unable to pre-register may participate in the live conference call by dialing (877) 276-8648 or (412) 317-5474 fifteen minutes prior to the event and referencing "the PNM Resources third quarter earnings call".
Supporting material for PNM Resources' earnings announcements can be viewed and downloaded at http://www.pnmresources.com/investors/results.cfm.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2022 consolidated operating revenues of $2.2 billion. Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to more than 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse mix of generation and purchased power resources totaling 2.8 gigawatts of capacity, with a goal to achieve 100% emissions-free generation by 2040. For more information, visit the company's website at www.PNMResources.com.
CONTACTS: |
|
Analysts |
Media |
Lisa Goodman |
Ray Sandoval |
(505) 241-2160 |
(505) 241-2782 |
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements made in this news release for PNM Resources, Inc. ("PNMR"), Public Service Company of New Mexico ("PNM"), or Texas-New Mexico Power Company ("TNMP") (collectively, the "Company") that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies, including the unaudited financial results and earnings guidance, are made pursuant to the Private Securities Litigation Reform Act of 1995. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates and apply only as of the date of this report. PNMR, PNM, and TNMP assume no obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, PNMR, PNM, and TNMP caution readers not to place undue reliance on these statements. PNMR's, PNM's, and TNMP's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond their control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. Additionally, there are risks and uncertainties in connection with the proposed acquisition of us by AVANGRID which may adversely affect our business, future opportunities, employees and common stock, including without limitation, (i) the expected timing and likelihood of completion of the pending Merger, including the timing, receipt and terms and conditions of any remaining required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iii) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, and (iv) the risk that the proposed transaction could have an adverse effect on the ability of PNMR to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. For a discussion of risk factors and other important factors affecting forward-looking statements, please see the Company's Form 10-K, Form 10-Q filings and the information included in the Company's Forms 8-K with the Securities and Exchange Commission, which factors are specifically incorporated by reference herein.
Non-GAAP Financial Measures
GAAP refers to generally accepted accounting principles in the U.S. Ongoing earnings is a non-GAAP financial measure that excludes the impact of net unrealized mark-to-market gains and losses on economic hedges, the net change in unrealized gains and losses on investment securities, pension expense related to previously disposed of gas distribution business, and certain non-recurring, infrequent, and other items that are not indicative of fundamental changes in the earnings capacity of the Company's operations. The Company uses ongoing earnings and ongoing earnings per diluted share to evaluate the operations of the Company and to establish goals, including those used for certain aspects of incentive compensation, for management and employees. While the Company believes these financial measures are appropriate and useful for investors, they are not measures presented in accordance with GAAP. The Company does not intend for these measures, or any piece of these measures, to represent any financial measure as defined by GAAP. Furthermore, the Company's calculations of these measures as presented may or may not be comparable to similarly titled measures used by other companies. The Company uses ongoing earnings guidance to provide investors with management's expectations of ongoing financial performance over the period presented. While the Company believes ongoing earnings guidance is an appropriate measure, it is not a measure presented in accordance with GAAP. The Company does not intend for ongoing earnings guidance to represent an expectation of net earnings as defined by GAAP. Since the future differences between GAAP and ongoing earnings are frequently outside the control of the Company, management is generally not able to estimate the impact of the reconciling items between forecasted GAAP net earnings and ongoing earnings guidance, nor their probable impact on GAAP net earnings without unreasonable effort, therefore, management is generally not able to provide a corresponding GAAP equivalent for ongoing earnings guidance. Reconciliations between GAAP and ongoing earnings are contained in schedules 1-4.
PNM Resources, Inc. and Subsidiaries Schedule 1 Reconciliation of GAAP to Ongoing Earnings (Unaudited) |
||||||||
PNM |
TNMP |
Corporate and Other |
PNMR Consolidated |
|||||
(in thousands) |
||||||||
Three Months Ended September 30, 2023 |
||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ 8,076 |
$ 39,504 |
$ (9,854) |
$ 37,726 |
||||
Adjusting items before income tax effects: |
||||||||
Net change in unrealized (gains) and losses on investment securities2a |
5,551 |
— |
— |
5,551 |
||||
Regulatory disallowances and restructuring costs2b |
119,872 |
— |
— |
119,872 |
||||
Pension expense related to previously disposed of gas distribution business2c |
679 |
— |
— |
679 |
||||
Merger related costs2d |
32 |
— |
132 |
164 |
||||
Total adjustments before income tax effects |
126,134 |
— |
132 |
126,266 |
||||
Income tax impact of above adjustments1 |
(32,038) |
— |
(34) |
(32,072) |
||||
Income tax impact of non-deductible merger related costs3 |
1 |
— |
9 |
10 |
||||
Timing of statutory and effective tax rates on non-recurring items4 |
692 |
(106) |
429 |
1,015 |
||||
Total income tax impacts5 |
(31,345) |
(106) |
404 |
(31,047) |
||||
Adjusting items, net of income taxes |
94,789 |
(106) |
536 |
95,219 |
||||
Ongoing Earnings (Loss) |
$ 102,865 |
$ 39,398 |
$ (9,318) |
$ 132,945 |
||||
Nine Months Ended September 30, 2023 |
||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ 93,836 |
$ 74,169 |
$ (29,960) |
$ 138,045 |
||||
Adjusting items before income tax effects: |
||||||||
Net change in unrealized (gains) and losses on investment securities2a |
(6,438) |
— |
— |
(6,438) |
||||
Regulatory disallowances and restructuring costs2b |
123,602 |
— |
— |
123,602 |
||||
Pension expense related to previously disposed of gas distribution business2c |
2,037 |
— |
— |
2,037 |
||||
Merger related costs2d |
59 |
2 |
651 |
712 |
||||
Total adjustments before income tax effects |
119,260 |
2 |
651 |
119,913 |
||||
Income tax impact of above adjustments1 |
(30,292) |
— |
(166) |
(30,458) |
||||
Income tax impact of non-deductible merger related costs3 |
6 |
— |
94 |
100 |
||||
Timing of statutory and effective tax rates on non-recurring items4 |
240 |
51 |
144 |
435 |
||||
Total income tax impacts5 |
(30,046) |
51 |
72 |
(29,923) |
||||
Adjusting items, net of income taxes |
89,214 |
53 |
723 |
89,990 |
||||
Ongoing Earnings (Loss) |
$ 183,050 |
$ 74,222 |
$ (29,237) |
$ 228,035 |
||||
1 Tax effects calculated using a tax rate of 21.0% for TNMP and 25.4% for other segments |
||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statements of Earnings as follows: |
||||||||
a Changes in "Gains (losses) on investment securities" reflecting non-cash performance relative to market, not indicative of funding requirements |
||||||||
b Decrease in "Electric Operating Revenue" of $117.6 million for the three and nine months ended September 30, 2023, an increase in "Regulatory disallowances and restructuring costs" of $2.3 million and $6.0 million for the three and nine months ended September 30, 2023 |
||||||||
c Increases in "Other (deductions)" |
||||||||
d Increases in "Administrative and general" |
||||||||
3 Increases in "Income Taxes" |
||||||||
4 Income tax timing impacts resulting from differences between the statutory rates of 25.4% for PNM, 21.0% for TNMP and the average expected statutory tax rate of 23.8% for PNMR, and the GAAP anticipated effective tax rates of 18.9% for PNM, 15.1% for TNMP, and 16.1% for PNMR, which will reverse by year end |
||||||||
5 Income tax impacts reflected in "Income Taxes" |
||||||||
PNM Resources, Inc. and Subsidiaries Schedule 2 Reconciliation of GAAP to Ongoing Earnings (Unaudited) |
||||||||
PNM |
TNMP |
Corporate and Other |
PNMR Consolidated |
|||||
(in thousands) |
||||||||
Three Months Ended September 30, 2022 |
||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ 97,468 |
$ 31,431 |
$ (6,466) |
$ 122,433 |
||||
Adjusting items before income tax effects: |
||||||||
Net change in unrealized (gains) and losses on investment securities2a |
11,194 |
— |
— |
11,194 |
||||
Regulatory disallowances and restructuring costs2b |
625 |
— |
— |
625 |
||||
Pension expense related to previously disposed of gas distribution business2c |
614 |
— |
— |
614 |
||||
Merger related costs2d |
17 |
1 |
337 |
355 |
||||
Total adjustments before income tax effects |
12,450 |
1 |
337 |
12,788 |
||||
Income tax impact of above adjustments1 |
(3,162) |
— |
(86) |
(3,248) |
||||
Income tax impact of non-deductible merger related costs3 |
262 |
(125) |
7 |
144 |
||||
Timing of statutory and effective tax rates on non-recurring items4 |
(5,933) |
(51) |
12 |
(5,972) |
||||
Total income tax impacts5 |
(8,833) |
(176) |
(67) |
(9,076) |
||||
Adjusting items, net of income taxes |
3,617 |
(175) |
270 |
3,712 |
||||
Ongoing Earnings (Loss) |
$ 101,085 |
$ 31,256 |
$ (6,196) |
$ 126,145 |
||||
Nine Months Ended September 30, 2022 |
||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ 95,562 |
$ 72,542 |
$ (14,319) |
$ 153,785 |
||||
Adjusting items before income tax effects: |
||||||||
Net change in unrealized (gains) and losses on investment securities2a |
81,084 |
— |
— |
81,084 |
||||
Regulatory disallowances and restructuring costs2b |
2,025 |
— |
— |
2,025 |
||||
Pension expense related to previously disposed of gas distribution business2c |
1,842 |
— |
— |
1,842 |
||||
Merger related costs2d |
67 |
4 |
1,569 |
1,640 |
||||
Total adjustments before income tax effects |
85,018 |
4 |
1,569 |
86,591 |
||||
Income tax impact of above adjustments1 |
(21,595) |
(1) |
(398) |
(21,994) |
||||
Income tax impact of non-deductible merger related costs3 |
252 |
156 |
42 |
450 |
||||
Timing of statutory and effective tax rates on non-recurring items4 |
41 |
144 |
(149) |
36 |
||||
Total income tax impacts5 |
(21,302) |
299 |
(505) |
(21,508) |
||||
Adjusting items, net of income taxes |
63,716 |
303 |
1,064 |
65,083 |
||||
Ongoing Earnings (Loss) |
$ 159,278 |
$ 72,845 |
$ (13,255) |
$ 218,868 |
||||
1Tax effects calculated using a tax rate of 21.0% for TNMP and 25.4% for other segments |
||||||||
2 The pre-tax impacts (in thousands) of adjusting items are reflected on the GAAP Condensed Consolidated Statement of Earnings as follows: |
||||||||
a Changes in "Gains (losses) on investment securities" reflecting non-cash performance relative to market, not indicative of funding requirements |
||||||||
b Decreases in "Regulatory disallowances and restructuring costs" of $0.6 million for the three months ended September 30, 2022, an increase in "Regulatory disallowances and restructuring costs" of $0.8 million for the nine months ended September 30, 2022 and a decrease in "Electric Operating Revenues" of $1.2 million for the three and nine months ended September 30, 2022 |
||||||||
c Increases in "Other (deductions)" |
||||||||
d Increases in "Administrative and general" |
||||||||
3 Increases (decreases) in "Income Tax Expense" |
||||||||
4 Income tax timing impacts resulting from differences between the statutory tax rates of 25.4% for PNM, 21.0% for TNMP and the average expected statutory tax rate of 23.1% for PNMR, and the GAAP anticipated effective tax rates of 11.0% for PNM, 13.4% for TNMP, and 10.1% for PNMR, which will reverse by year end |
||||||||
5 Income tax impacts reflected in "Income Taxes" |
||||||||
PNM Resources, Inc. and Subsidiaries Schedule 3 Reconciliation of GAAP to Ongoing Earnings Per Diluted Share (Unaudited) |
||||||||
PNM |
TNMP |
Corporate and Other |
PNMR Consolidated |
|||||
(per diluted share) |
||||||||
Three Months Ended September 30, 2023 |
||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ 0.09 |
$ 0.46 |
$ (0.11) |
$ 0.44 |
||||
Adjusting items, net of income tax effects: |
||||||||
Net change in unrealized (gains) and losses on investment securities |
0.04 |
— |
— |
0.04 |
||||
Regulatory disallowances and restructuring costs |
1.04 |
— |
— |
1.04 |
||||
Pension expense related to previously disposed of gas distribution business |
0.01 |
— |
— |
0.01 |
||||
Timing of statutory and effective tax rates on non-recurring items |
0.01 |
— |
— |
0.01 |
||||
Total Adjustments |
1.10 |
— |
— |
1.10 |
||||
Ongoing Earnings (Loss) |
$ 1.19 |
$ 0.46 |
$ (0.11) |
$ 1.54 |
||||
Average Diluted Shares Outstanding: 86,129,744 |
||||||||
Nine Months Ended September 30, 2023 |
||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ 1.09 |
$ 0.86 |
$ (0.35) |
$ 1.60 |
||||
Adjusting items, net of income tax effects: |
||||||||
Net change in unrealized (gains) and losses on investment securities |
(0.05) |
— |
— |
(0.05) |
||||
Regulatory disallowances and restructuring costs |
1.07 |
— |
— |
1.07 |
||||
Pension expense related to previously disposed of gas distribution business |
0.02 |
— |
— |
0.02 |
||||
Merger related costs |
— |
— |
0.01 |
0.01 |
||||
Total Adjustments |
1.04 |
— |
0.01 |
1.05 |
||||
Ongoing Earnings (Loss) |
$ 2.13 |
$ 0.86 |
$ (0.34) |
$ 2.65 |
||||
Average Diluted Shares Outstanding: 86,150,508 |
||||||||
PNM Resources, Inc. and Subsidiaries Schedule 4 Reconciliation of GAAP to Ongoing Earnings Per Diluted Share (Unaudited) |
||||||||
PNM |
TNMP |
Corporate and Other |
PNMR Consolidated |
|||||
(per diluted share) |
||||||||
Three Months Ended September 30, 2022 |
||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ 1.13 |
$ 0.36 |
$ (0.07) |
$ 1.42 |
||||
Adjusting items, net of income tax effects: |
||||||||
Net change in unrealized (gains) and losses on investment securities |
0.10 |
— |
— |
0.10 |
||||
Regulatory disallowances and restructuring costs |
0.01 |
— |
— |
0.01 |
||||
Timing of statutory and effective tax rates on non-recurring items |
(0.07) |
— |
— |
(0.07) |
||||
Total Adjustments |
0.04 |
— |
— |
0.04 |
||||
Ongoing Earnings (Loss) |
$ 1.17 |
$ 0.36 |
$ (0.07) |
$ 1.46 |
||||
Average Diluted Shares Outstanding: 86,135,756 |
||||||||
Nine Months Ended September 30, 2022 |
||||||||
GAAP Net Earnings (Loss) Attributable to PNMR |
$ 1.11 |
$ 0.84 |
$ (0.17) |
$ 1.78 |
||||
Adjusting items, net of income tax effects: |
||||||||
Net change in unrealized (gains) and losses on investment securities |
0.70 |
— |
— |
0.70 |
||||
Regulatory disallowances and restructuring costs |
0.02 |
— |
— |
0.02 |
||||
Pension expense related to previously disposed of gas distribution business |
0.02 |
— |
— |
0.02 |
||||
Merger related costs |
— |
— |
0.02 |
0.02 |
||||
Total Adjustments |
0.74 |
— |
0.02 |
0.76 |
||||
Ongoing Earnings (Loss) |
$ 1.85 |
$ 0.84 |
$ (0.15) |
$ 2.54 |
||||
Average Diluted Shares Outstanding: 86,177,523 |
||||||||
PNM Resources, Inc. and Subsidiaries Schedule 5 Condensed Consolidated Statements of Earnings (Unaudited) |
|||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||
2023 |
2022 |
2023 |
2022 |
||||
(In thousands, except per share amounts) |
|||||||
Electric Operating Revenues |
$ 505,851 |
$ 729,888 |
$ 1,527,084 |
$ 1,673,736 |
|||
Operating Expenses: |
|||||||
Cost of energy |
210,313 |
334,339 |
624,451 |
698,349 |
|||
Administrative and general |
58,481 |
58,125 |
167,630 |
165,328 |
|||
Energy production costs |
20,388 |
34,469 |
68,345 |
110,534 |
|||
Regulatory disallowances and restructuring costs |
2,315 |
(567) |
6,046 |
832 |
|||
Depreciation and amortization |
80,192 |
76,570 |
237,405 |
229,103 |
|||
Transmission and distribution costs |
25,078 |
21,538 |
72,739 |
61,160 |
|||
Taxes other than income taxes |
22,432 |
22,651 |
72,395 |
71,207 |
|||
Total operating expenses |
419,199 |
547,125 |
1,249,011 |
1,336,513 |
|||
Operating income |
86,652 |
182,763 |
278,073 |
337,223 |
|||
Other Income and Deductions: |
|||||||
Interest income |
5,366 |
3,969 |
15,568 |
11,588 |
|||
Gains (losses) on investment securities |
(8,404) |
(15,736) |
1,815 |
(84,104) |
|||
Other income |
8,428 |
5,364 |
17,121 |
14,845 |
|||
Other (deductions) |
(4,555) |
(1,647) |
(10,562) |
(7,529) |
|||
Net other income and deductions |
835 |
(8,050) |
23,942 |
(65,200) |
|||
Interest Charges |
49,838 |
34,526 |
136,660 |
89,963 |
|||
Earnings before Income Taxes |
37,649 |
140,187 |
165,355 |
182,060 |
|||
Income Taxes |
(5,267) |
13,450 |
12,742 |
16,982 |
|||
Net Earnings |
42,916 |
126,737 |
152,613 |
165,078 |
|||
(Earnings) Attributable to Valencia Non-controlling Interest |
(5,058) |
(4,172) |
(14,172) |
(10,897) |
|||
Preferred Stock Dividend Requirements of Subsidiary |
(132) |
(132) |
(396) |
(396) |
|||
Net Earnings Attributable to PNMR |
$ 37,726 |
$ 122,433 |
$ 138,045 |
$ 153,785 |
|||
Net Earnings Attributable to PNMR per Common Share: |
|||||||
Basic |
$ 0.44 |
$ 1.42 |
$ 1.60 |
$ 1.79 |
|||
Diluted |
$ 0.44 |
$ 1.42 |
$ 1.60 |
$ 1.78 |
|||
Dividends Declared per Common Share |
$ 0.3675 |
$ 0.3475 |
$ 1.1025 |
$ 1.0425 |
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SOURCE PNM Resources, Inc.
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